Price

What does the term "Price" refer to in the context of business vocabulary?

• The total cost of making or purchasing a product.

• The amount of money or value placed on anything purchased by the customers.

• The total costs of operations that a company incurs to generate revenue.

• The amount of goods consumers are willing and able to buy.

What is meant by "Cost of Goods Sold"?

• The amount of goods consumers are willing and able to buy.

• The total cost of making or purchasing a product.

• The amount of money or value placed on anything purchased by the customers.

• The total costs of operations that a company incurs to generate revenue.

Which of the following best defines "Break Even Point"?

• Where sales equal the costs and expenses of making a product.

• Adding a flat amount to the cost of each item.

• Adding a percentage cost to each item.

• The total costs of operations that a company incurs to generate revenue.

What is "Flat Markup" in pricing?

• Adding a percentage cost to each item.

• The total cost of making or purchasing a product.

• Adding a flat amount to the cost of each item.

• The amount of goods producers are willing to make and sell.

Which factor is NOT listed as affecting pricing decisions?

• Costs and Expenses

• Supply and Demand

• Consumer Perception

• Product Quality

Is the formula correct?

• Yes

• No

Which of the following is NOT a type of psychological pricing listed in the document?

• Odd/even pricing

• Price lining

• Promotional pricing

• Cost-plus pricing

How do odd and even pricing influence customers?

• Pricing of a good can help customers.
• Pricing of a good can hurt consumers. 
• Odd and even prices suggest a bargain. 

How does supply and demand affect pricing?

• Supply and demand determine how much of a good a consumer will purchase 

• Supply and demand determine how a good will be remembered by others.
• Supply and demand determine if a consumer seeks a bargain.

Which function of marketing determines how much gross profit a business will make on a good or service?

• Pricing

• Distribution

• Promotion

• Risk Management